Tag Archives: ITO

Remand to determine actual salary after bank verification and tax partner remuneration under business income.

By | November 6, 2026
0 Comment

Remand to determine actual salary after bank verification and tax partner remuneration under business income. Issue Whether the actual salary income from an employment firm needs re-determination by the Assessing Officer upon verifying bank statements, and whether partner remuneration received from an LLP is taxable as business income under section 28(v) rather than under salaries… Read More »

Revision Valid for Erroneous Interest Quantification but Invalid for Unconnected Hundi Collections Outside Reassessment Scope

By | November 3, 2026
0 Comment

Revision Valid for Erroneous Interest Quantification but Invalid for Unconnected Hundi Collections Outside Reassessment Scope Issue Whether the CIT(E) was justified in invoking revisionary powers under Section 263 of the Income-tax Act, 1961 (Section 377 of the Income-tax Act, 2025) on the ground of substantial under-quantification of interest income by the AO, where the CIT(A)… Read More »

Unregistered Joint Development Agreement Cannot Effect Transfer Under Section 53A Making Reassessment Invalid

By | October 29, 2026
0 Comment

Unregistered Joint Development Agreement Cannot Effect Transfer Under Section 53A Making Reassessment Invalid Issue Whether reopening an assessment under Section 148 for A.Y. 2013-14 on account of capital gains is valid when the underlying Joint Development Agreement (JDA) executed in F.Y. 2012-13 was unregistered and thus legally ineffective under Section 53A of the Transfer of… Read More »

No Rectification Required When DVO Valuation Matches Stamp-Duty Value and Unadjudicated Acquisition Cost Remanded

By | October 28, 2026
0 Comment

No Rectification Required When DVO Valuation Matches Stamp-Duty Value and Unadjudicated Acquisition Cost Remanded Issue Whether the Assessing Officer can rectify an assessment order under Section 154 when the DVO’s valuation matches the stamp-duty value under Section 50C. Whether the unadjudicated claim of total stamp duty incurred toward the cost of acquisition under Section 48… Read More »

Assessee Must Provide CBI Status Report for Re-adjudication of LOC Scam Undisclosed Income Additions

By | October 14, 2026
0 Comment

Assessee Must Provide CBI Status Report for Re-adjudication of LOC Scam Undisclosed Income Additions Issue Whether the Assessing Officer was justified in framing reassessments and whether the matter should be remanded for de novo adjudication after the assessee failed to fully comply with earlier directions to furnish periodic status reports on CBI/Civil Court proceedings concerning… Read More »

Matter Remanded to Assessing Officer to Reference DVO and Redetermine Capital Gains under Section 50C

By | October 14, 2026
0 Comment

Matter Remanded to Assessing Officer to Reference DVO and Redetermine Capital Gains under Section 50C Issue Whether a reassessment order determining short-term capital gains under Section 50C by setting the cost of acquisition to NIL—without referring the property valuation to a Departmental Valuation Officer (DVO) or properly examining the acquisition details—is sustainable in law. Facts… Read More »

Section 148 Reassessment Notice Issued Beyond Three Years Quashed as Escaped Income Was Below Fifty Lakhs

By | October 10, 2026
0 Comment

Section 148 Reassessment Notice Issued Beyond Three Years Quashed as Escaped Income Was Below Fifty Lakhs Issue Whether a reassessment notice issued under Section 148 after three years from the end of the relevant assessment year is barred by limitation under Section 149 when the income escaping assessment attributable to the assessee is less than… Read More »

BSNL VRS-2019 Ex-Gratia Qualifies for Section 10(10B) Exemption Subject to Workman Status Verification

By | September 26, 2026
0 Comment

BSNL VRS-2019 Ex-Gratia Qualifies for Section 10(10B) Exemption Subject to Workman Status Verification Issue Whether compensation/ex-gratia received by BSNL employees under the Voluntary Retirement Scheme (VRS-2019) is eligible for tax exemption under Section 10(10B) / Section 19 as retrenchment compensation, and whether the matter requires verification of ‘workman’ status by the Assessing Officer. Facts Background… Read More »

BSNL VRS ex-gratia compensation eligible for Section 10(10B) exemption subject to workman status verification.

By | September 25, 2026
0 Comment

BSNL VRS ex-gratia compensation eligible for Section 10(10B) exemption subject to workman status verification. Issue Whether ex-gratia compensation received by BSNL employees under VRS-2019 qualifies for tax exemption as retrenchment compensation under Section 10(10B), and whether the matter needs verification by the Assessing Officer regarding individual eligibility conditions, including workman status. Facts Assessment Years: AY… Read More »

Deduction under Section 80GGC disallowed as political donation was bogus and returned in cash.

By | September 21, 2026
0 Comment

Deduction under Section 80GGC disallowed as political donation was bogus and returned in cash. Issue Whether an assessee is entitled to claim a deduction under Section 80GGC for a donation made to a political party when investigative findings establish that the donation was bogus and the funds were routed back to the assessee in cash.… Read More »